Fed's Quarles: 'I'm One of the Optimists'

The speaker, an optimist on the committee, discusses the evolution of the economy and the importance of adapting monetary policy frameworks. They compare old and new frameworks, emphasizing the need to wait for actual economic outcomes before acting. The speaker praises Janet Yellen's approach to unemployment and interest rates, highlighting the benefits to the labor market. They support the new outcome-based framework, which allows for inflation above the 2% target without strict mathematical equivalency, aiming for superior economic outcomes.

What is the speaker's outlook on the evolution of the economy over the coming years?

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What are the implications of the speaker's optimism for monetary policy actions?

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How does the speaker view the relationship between the unemployment rate and economic projections?

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What does the speaker suggest about the performance of the macro economy in relation to inflation?

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What major achievement of Janet Yellen does the speaker reference, and what was their initial stance on it?

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